World Smart Hospitality Market to Grow from $6 Billion in 2019 to Over $12 Billion by 2025 - Rising Demand for Real-Time Optimized Guest Experience Management
DUBLIN, April 17, 2020 /PRNewswire/ -- The "Smart Hospitality Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Hospitality Market is projected to grow at a CAGR of 13.14% during the forecast period, reaching a total market size of US$12.727 billion in 2025 from US$6.067 billion in 2019.
The market is driven by the rising internet penetration and growing inclination towards IoT which are encouraging the hospitality segment to offer smart solutions to their customers with the use of digital technology. The growing use of cloud computing across the hospitality sector is another contributing factor to the market growth of smart hospitality. The increasing number of contractors are teaming up with different tech firms to build smarter hotels with low cost and less time which, in turn, is positively impacting the smart hospitality market growth.
The demand for smart hospitality is boosting in order to serve an excellent customer service. As such, the demand for real-time optimized guest experience management is increasing which is bolstering the market growth of smart hospitality. For example, in some hotel, customers can use their smartphones to control the room's environment by way of allowing remotely open and close the window blinds and regulating the room temperature.
Booming travel and tourism industry is significantly surging the smart hospitality market growth worldwide. According to the World Bank Data, the number of arrivals of international tourists across the world has increased from 911.85 million in 2009 to 1,442 million in 2018. As such, market players in the hospitality sector are using smart hospitality solutions in order to provide their guests with better hospitality services.
Global hotel chains are increasingly investing heavily in smart hospitality solutions including in order to improve customers' impressions and satisfaction. Moreover, hotel companies are also adopting smart hospitality solutions as they help to save operational costs and generate more revenue while enhancing their hospitality services to customers. In addition to this, smart hospitality solutions allow energy-efficient management system. As such, growing environmental concerns and rising focus on CSR among hotel companies is also ramping up the demand for smart hospitality solutions.
Market players in the global smart hospitality market are increasingly following various growth strategies in order to stay ahead while maintaining their market share. For example, in April 2019, InterContinental Shenzhen signed a strategic cooperation agreement with Huawei and Telecom to create the world's first 5G smart hotel. Viggo Smart Hotel is delivering the first true cloud-based smart hotel TV solutions for the global hospitality industry. In December 2018, Shangri-La Group and Tencent signed a strategic partnership for developing and deploying smart hotel solutions to enhance the hotel operations and services for Shangri-La. However, factors such as high initial cost of deployment and lack of technically skilled professionals are hindering the smart hospitality market growth.
Services are used for providing insights about hotel management
The rise in the number of smart hotels is driving the segment of software and services smart hospitality. The services are increasingly been used for integration, maintenance, and training. The software helps in facility & emergency management response systems, building energy management, water management, security management, and parking management which will further reduce cost and save time on these services. This, in turn, will increase the demand for smart hospitality services, thereby positively impacting the overall market growth.
Increase in the number of Smart Hotels is driving the market of Smart hospitality
The increasing number of smart hotels around the world with the advancement of technology is highly driving the market for smart hospitality solutions. These hotels have increased the demand for smart hospitality services by using more of on-premise and cloud for better management of hotel resources and improved hospitality services. It even helps in reducing operating costs by providing energy-efficient solutions and increases revenue. The smart hospitality solutions help in serving the guest with advanced communications technologies that assist them in conducting meetings, conferences, and connecting with associates around the world without any hindrances. The innovative smart hospitality provides easy check-in options for hoteliers, room selection, room services, and comfortable stay which in return help hotels to retain guest and earning them more revenue. The increase in demand for resorts and spas is also gaining momentum due to the increasing disposable income of people and improvement in lifestyle.
By geography, the APAC will witness a substantial regional market growth
Regionally, the global smart hospitality market is classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The APAC Smart Hospitality market will witness substantial market growth during the forecast period owing to the growing investments by international hotel chains in countries like India and China in smart hospitality solutions. Furthermore, favorable government initiatives and policies to fuel the growth of the hospitality sector will also support the market growth of smart hospitality in this region during the next five years. Factors such as the increase in technological developments, internet infrastructure, increasing applications of IoT, and efficient energy consumption are also growing the market for smart hospitality in the region.
North America and Europe have a significant amount of market share in the smart hospitality market due to presence of big hospitality companies which are focusing on moving towards the use of advanced technologies and smart building management systems for efficient energy consumption, reducing operational cost, and providing guests with modern amenities for better services.
Market Players and Competitive Intelligence
The competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry participants profiled as part of this section are Schneider Electric, Siemens, Honeywell International Inc., NEC Corporation of America, Oracle, Huawei Technologies Co., Ltd., Cisco Systems, Inc., and Mitel Networks Corp.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Smart Hospitality Market Analysis, By Offering
5.1. Introduction
5.2. Software
5.3. Services
6. Global Smart Hospitality Market Analysis, By Deployment Model
6.1. Introduction
6.2. On-Premise
6.3. Cloud
7. Global Smart Hospitality Market Analysis, By End-User
7.1. Introduction
7.2. Hotels
7.3. Resorts & Spas
7.4. Restaurants
8. Global Smart Hospitality Market Analysis, By Geography
8.1. Introduction
8.2. North America
8.3. South America
8.4. Europe
8.5. Middle East & Africa
8.6. Asia-Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Schneider Electric
10.2. Siemens
10.3. Honeywell International Inc.
10.4. NEC Corporation of America
10.5. Oracle
10.6. Huawei Technologies Co. Ltd.
10.7. Cisco Systems Inc.
10.8. Mitel Networks Corp.
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